CNBC Business News Update - Market Midday: Stocks Lower, Dow On Pace For Longest Losing Streak Since 1978, Nov Retail Sales Better Than Expected 12/17/24

Episode Date: December 17, 2024

From Wall Street to Main Street, the latest on the markets and what it means for your money. Updated regularly on weekdays, featuring CNBC expert analysis and sound from top business newsmakers. Anchored by CNBC's Jessica Ettinger.

I'm Jessica Ettinger, CNBC. Wall Street's in the red this afternoon with the Dow struggling, down 194 points, almost a half percent. Yet again being led lower by shares of UnitedHealth Group. They're down about 4% this afternoon. The S&P 500 index down 20 points. The Nasdaq down 72 points this afternoon. The Nasdaq's pulling back from a record high, but that Dow is on pace for its ninth negative day in a row, its longest losing streak since February 1978, if that were to happen by the close. This is according to S&P Global.

Companies whose shares have hit fresh all-time highs today include tech names like Google parent Alphabet, Apple, and Tesla. This over-concentration in tech, that's the biggest risk in the market right now. And we saw this with Nvidia, which is already in correction territory. So we really feel that going into 2025, investors should start to take this opportunity and broaden their scope a bit. Wall Street Alliance Group's Adil Zayman on CNBC. Bitcoin hit a record high of $107,000. November retail sales overall came in better than expected as Americans are working and their salaries are outpacing inflation. There were some hiccups in the numbers, though, including car sales.

Those were lighter than forecast. I think you have a steady consumer here. I wouldn't be jumping on the headline number of 0.7 percent and say this is a consumer that is accelerating here. CNBC senior economics reporter Steve Leisman. Now, consumer spending makes up about two-thirds of U.S. economic growth. And Bank of America sees some strong spending linked to the Fed starting its rate cuts back in September. In the middle of summer, I think the consumer had slowed down. And I was getting concerned that the Fed was going to get behind a bit on cutting rates. As soon as they said they were going to cut rates, you saw consumer enthusiasm pick up a little bit. You saw a little more activity because they realized in the future the rates are coming down.

So you started the spending picking back up for the two weeks around Thanksgiving. It's five percent plus of all kinds of spending over last year and that's stronger than it would have been last year the year prior to that. Bank of America CEO Brian Moynihan on CNBC and the Fed's two-day meeting on interest rates is on. This is day one. It's widely expected to cut rates with an announcement coming tomorrow afternoon. A new CNBC survey, though, says only about two-thirds of those asked think it would be the right move. A sizable group believes the Fed shouldn't cut. It should pause because inflation has ticked higher. Walmart employees are wearing body cams in some stores. It's a pilot program to see if the cameras help deter conflict and prevent theft. Earlier this year, TJX companies said its loss prevention workers

are wearing body cams in some locations. That company owns TJ Maxx, Marshalls, and HomeGoods. Mega Millions is nearly three quarters of a billion dollars. Tonight's jackpot at 740 million. Jessica Ettinger, CNBC. Jim Kramer is the benefit you get that you can't get anywhere else. He has a unique ability to know the market, explain it to people. It's a great value. Get invested. Join the club today. Go to cnbc.com slash join Jim.